Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

Note 18 – Segment Information

The Company consists of the following reportable segments:

•The Company’s title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally. This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; provides products, services and solutions designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant data and records; provides appraisals and other valuation-related products and services; provides lien release, document custodial and default-related products and services; provides warehouse lending services; subservices mortgage loans; and provides banking, trust and wealth management services. The Company, through its principal title insurance subsidiary and such subsidiary’s affiliates, transacts its title insurance business through a network of direct operations and agents. Through this network, the Company issues policies in the 49 states that permit the issuance of title insurance policies, the District of Columbia and certain United States territories. The Company also offers title insurance, closing services and similar or related products and services, either directly or through third parties in other countries, including Canada, the United Kingdom, Australia, New Zealand, South Korea and various other established and emerging markets.

•During 2023, the Company changed the name of its specialty insurance segment to the home warranty segment. In connection with this change, the Company reclassified all current year and prior year operating results related to the Company’s property and casualty insurance business, which no longer has policies in force, to the corporate segment. The home warranty segment sells products including residential service contracts that cover residential systems, such as heating and air conditioning systems, and certain appliances against failures that occur as the result of normal usage during the coverage period. This business currently operates in 35 states and the District of Columbia.

•The Company’s corporate segment includes its investments in venture-stage companies, operating results of the property and casualty insurance business (as noted above), certain financing facilities and corporate services that support the Company’s business operations.

Selected financial information about the Company’s operations, by segment, is as follows:

For the three months ended June 30, 2023:

(in millions)	Revenues		Income (loss) before income taxes			Depreciation and amortization		Capital expenditures
Title Insurance and Services	$	1,530.7	$	185.7		$	44.8	$	74.9
Home Warranty		106.5		14.3			1.1		2.3
Corporate and Eliminations		9.7		(21.9	)		0.2		—
	$	1,646.9	$	178.1		$	46.1	$	77.2

(in millions)	Direct premiums and escrow fees		Agent premiums		Information and other		Net investment income		Net investment gains		Total Revenues
Title Insurance and Services	$	516.8	$	624.7	$	244.4	$	141.9	$	2.9	$	1,530.7
Home Warranty		98.5		—		5.9		1.4		0.7		106.5
Corporate and Eliminations		—		—		—		7.0		2.7		9.7
	$	615.3	$	624.7	$	250.3	$	150.3	$	6.3	$	1,646.9

For the three months ended June 30, 2022:

(in millions)	Revenues			Income (loss) before income taxes			Depreciation and amortization		Capital expenditures
Title Insurance and Services	$	2,053.8		$	240.7		$	40.3	$	73.8
Home Warranty		102.4			8.9			1.1		0.9
Corporate and Eliminations		(93.7	)		(108.2	)		0.2		—
	$	2,062.5		$	141.4		$	41.6	$	74.7

(in millions)	Direct premiums and escrow fees		Agent premiums		Information and other		Net investment income (losses)			Net investment losses			Total Revenues
Title Insurance and Services	$	792.8	$	937.2	$	307.2	$	69.3		$	(52.7	)	$	2,053.8
Home Warranty		102.1		—		2.7		1.2			(3.6	)		102.4
Corporate and Eliminations		1.6		—		0.2		(18.1	)		(77.4	)		(93.7	)
	$	896.5	$	937.2	$	310.1	$	52.4		$	(133.7	)	$	2,062.5

For the six months ended June 30, 2023:

(in millions)	Revenues		Income (loss) before income taxes			Depreciation and amortization		Capital expenditures
Title Insurance and Services	$	2,879.3	$	273.9		$	89.0	$	141.2
Home Warranty		210.2		30.2			2.4		3.5
Corporate and Eliminations		3.5		(66.4	)		0.2		—
	$	3,093.0	$	237.7		$	91.6	$	144.7

(in millions)	Direct premiums and escrow fees		Agent premiums		Information and other			Net investment income		Net investment gains (losses)			Total Revenues
Title Insurance and Services	$	922.4	$	1,215.1	$	465.9		$	266.5	$	9.4		$	2,879.3
Home Warranty		195.1		—		11.4			2.8		0.9			210.2
Corporate and Eliminations		—		—		(0.1	)		15.0		(11.4	)		3.5
	$	1,117.5	$	1,215.1	$	477.2		$	284.3	$	(1.1	)	$	3,093.0

For the six months ended June 30, 2022:

(in millions)	Revenues			Income (loss) before income taxes			Depreciation and amortization		Capital expenditures
Title Insurance and Services	$	4,051.1		$	460.2		$	80.0	$	122.6
Home Warranty		205.8			24.8			2.4		1.7
Corporate and Eliminations		(160.7	)		(213.8	)		0.2		—
	$	4,096.2		$	271.2		$	82.6	$	124.3

(in millions)	Direct premiums and escrow fees		Agent premiums		Information and other		Net investment income (losses)			Net investment losses			Total Revenues
Title Insurance and Services	$	1,458.7	$	1,885.0	$	608.4	$	122.0		$	(23.0	)	$	4,051.1
Home Warranty		203.2		—		5.5		2.2			(5.1	)		205.8
Corporate and Eliminations		8.8		—		4.3		(25.6	)		(148.2	)		(160.7	)
	$	1,670.7	$	1,885.0	$	618.2	$	98.6		$	(176.3	)	$	4,096.2